The Ministry of Corporate Affairs (MCA) is likely to investigate Chinese smartphone manufacturer Vivo under a Serious Fraud Investigation Office (SFIO). Vivo has already been accused by the Enforcement Directorate (ED) of laundering, a leading media house reported on Saturday from people familiar with the matter.
The ministry has instructed Vivo’s regional director to conduct an extensive investigation into the financial records of MG Motor India. This follows some irregular findings by the registrar of companies (RoC), who examined the company’s records in a case from 2022.
Earlier in October, ED had arrested four Vivo officials, including a Chinese national in a 2022 money laundering case.
In July 2022, the ED conducted a raid on Vivo and individuals associated with the company. During that operation, the agency alleged that Rs 62,476 crore was “illegally” transferred by Vivo to China to evade the taxes in India.
